Bancolombia SA (CIB, Financial) reported a net loss for the fourth quarter of 2020, while most analysts expected a modest profit. Interest income decreased and loan loss provisions jumped substantially to cover the consumer portfolio. On the bright side, lower interest income was partially offset by higher net fees and income from services, while the bank also cut operating expenses.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund first-quarter 2021 letter.
